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On Monday 29 March the UK supervisory authorities - the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Bank of England - released their long-awaited policy statements on operational resilience. Operational resilience professionals across the UK will have now had a full three days to process, interpret and analyse the documents - all 14 of them. At UK Finance, we read with interest to determine how well the positions and recommendations made on behalf of the industry had been received. Below we set out some detail to the elements in the statements and outline where the authorities have landed their positions with respect to the most important parts of the regulations.
Perhaps most importantly we should start with timelines. Firms have between now and 31 March 2022 to implement the policy. This is followed by a further period in which firms will need to evidence that they can stay within tolerance for their most important business services.
With that in mind, the following detail will be useful for businesses as they progress through their respective regulations:
On 13 April we will begin our series of events for operational resilience with a webinar hosted in conjunction with the Financial Conduct Authority (FCA). This session will allow members to hear from the FCA as to its final policy and rules around building operational resilience. This keynote will provide a view of the new standards in greater detail and look at how feedback to the consultation has shaped the regulator's approach. If you would like to join the session, please register via this link.
We look forward to working with our members and regulators as we enter the implementation period. Members will be contacted in the coming weeks about further events and opportunities to be involved in shaping the work of operational resilience at UK Finance
Lorraine O'Donnell, Principal, Operational Resilience, UK Finance
This comprehensive training academy explores the principles involved in managing risk and enabling a resilient culture. The academy will help delegates to develop frameworks, practices, and behaviours that instil operational resilience disciplines across their firm.
Delegates will have access to dedicated forums to discuss their experiences and will receive advice from experienced risk professionals.